Citing recent studies that indicate Americans aren't saving effectively to maintain their pre-retirement standard of living, Grassley has developed a user-friendly workshop, "Tips for a Secure Retirement," to help Iowans match their income with investment plans that will help meet their needs in retirement.
According to Grassley, women particularly may be vulnerable to an income gap in retirement. "Child care and aging parents may keep some women out of the work force during primary working years. In addition to their increasing longevity, this can contribute significantly to an income disparity in retirement," he said.
A board member of the American Savings Education Council and dean of the Center for Retirement Education, Sharon Robinson, will walk participants through an individualized "tips" workbook that they will take home with them. Topic areas will include how to evaluate investment planning; calculate Social Security benefits; estimate target retirement income; develop strategies for saving; choose between investment options; and, allocate assets in different investments.
"Workers can make their hard-earned money work for them in the future," said Grassley. "Smart investment planning can stretch your dollars and close the income gap between personal savings, pension plans and Social Security. By failing to plan now and act today, too many individuals risk a financial shortfall in their retirement."
Searching for ways to jump start the public's focus on retirement in the 21st century, Grassley last year introduced the Savings Are Vital to Everyone's Retirement Act (SAVER). Enacted into law in November, SAVER puts in place a national education campaign that directs
the Department of Labor to conduct on-going public outreach efforts, including public service announcements, town meetings, individual retirement planning tools, and a web site. The Labor Department's education initiatives will include programs to inform Americans about effective ways to save and to help small businesses implement employee pension plans.
Grassley's SAVER legislation also authorizes a series of three national summits on retirement savings, co-hosted by the Congress and the President. The first National Summit on Retirement Savings will take place June 4 and 5 at the White House. Employers, plan administrators, government leaders, pension plan and retirement experts will convene for two days to consider ways to promote savings and pension planning for American workers.
As the chief Senate sponsor of SAVER and chairman of the Special Committee on Aging, Grassley will serve as a congressional delegate to the White House summit. According to Grassley, five current Iowans will join 200 citizen delegates at the policy table in June.
"With specific goals in mind, setting aside money today will help individuals enjoy a comfortable lifestyle in retirement," said Grassley. "Starting early, and while still working, may ensure that someday people won't have to put off their own retirement."
Pre-registration is required for the free retirement workshop in April. To reserve a space or receive more information, contact Grassley's Des Moines office, 515/284-4890.
